13 August 2020
By Maynard Paton
Results summary for Mountview Estates (MTVW):
- Standstill 2020 figures that showed 8% more properties sold at prices 9% lower than last year.
- A maintained dividend, a lack for furloughed staff and the directors currently being “happy in the auction room” underline some pandemic-resilient qualities.
- Net debt representing a very modest 8% of the group’s property estate suggests significant scope to pick up any property bargains.
- This week’s AGM witnessed a further bout of protest votes against the independent non-executives, the board’s pay and the auditors.
- MTVW’s book value increased by 3% to a record £97 per share, although my calculations suggest the balance sheet could be worth £200-plus per share. I continue to hold.